To Protect Consumers, Who Will Be Regulated? New York Times
The proposed agency is causing concern and confusion, however, among owners of small businesses — drug stores, jewelers, pawnbrokers and car dealers — who fear that by allowing any customers to buy on credit, their businesses could be subject to significant new regulations.
While most of the headlines about the Senate’s consideration of a financial regulation bill have concerned financial giants like Goldman Sachs and complex investments like synthetic collateralized debt obligations , the proposed Bureau of Consumer Financial Protection, which is a major part of the legislation, is likely to be an intense battleground in coming weeks.
Much of the bewilderment — and therefore the argument — stems from the imprecise nature of some of the proposed rules. The new agency would regulate financing provided by most car dealers, for example, but not by rent-to-own furniture vendors, according to the bill’s advocates. Department stores with private-label credit cards would be covered; stores that let their customers pay in installments, without interest, would not, they say.
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